Believe it or not, there are 22 crucial questions that a potential investor needs to ask a property seller, but hardly any of us ever actually do.
In this week’s show, Simon talks you through all 22, so that you’ll be better able to recognise the real deals when they appear, and avoid the hidden pitfalls along the way...
KEY TAKEAWAYS
Open questions are vital when talking to sellers. You need to get them to talk! Remember to listen attentively and tailor your responses accordingly.
Discovering when a seller bought a property will give you a valuable indication of the kind of capital growth they’ve accumulated since their purchase. This makes bargaining a whole lot easier.
It’s important for you to understand the tenants you may be inheriting when you buy the property. The contracts they’ve agreed may well impact the plans you have for the property.
Timescales can give you a far greater insight into the seller’s motivations. It can also provide you with a much better footing when it comes to negotiations.
An ethical win-win solution all round is what you’re seeking. By asking how you can make the seller happy, while spending the least amount of money, you ensure a balanced, satisfactory outcome for both parties.
BEST MOMENTS
‘It’s really important never to make assumptions’
’The key is to ask a question, and then really listen to the answer’
‘You really need to understand what you’re taking on’
‘What’s the lowest you will accept… and still be happy?'
VALUABLE RESOURCES
If you want to learn about how to find great deals in your area register here:
www.DealFindertraining.co.uk
Property Magic Book
Property Magic: How to Buy Property Using Other People's Time, Money and Experience by Simon Zutshi
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ABOUT THE HOST
Simon Zutshi, experienced investor, successful entrepreneur and best-selling author, is widely recognised as one of the top wealth creation strategists in the UK. Having started to invest in property in 1995 and went on to become financially independent by the age of 32.
Passionate about sharing his experience, Simon founded the property investor’s network (pin) in 2003www.pinmeeting.co.uk. pin has since grown to become the largest property networking organisation in the UK, with monthly meetings in 50 cities, designed specifically to provide a supportive, educational and inspirational environment for people like you to network with and learn from other successful investors.
Since 2003, Simon has taught thousands of entrepreneurs and business owners how to successfully invest in a tax-efficient way. How to create additional streams of income, give them more time to do the things they want to do and build their long-term wealth.
Simon’s book “Property Magic” which is now in its sixth edition, became an instant hit when first released in 2008 and remains an Amazon No 1 best-selling property book.
Simon launched his latest business, www.CrowdProperty.com, in 2014, which is an FCA Regulated peer to peer lending platform to facilitate loans between private individuals and property professionals.
CONTACT METHOD
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